TOUCHSTONE
VARIABLE SERIES TRUST (the “Trust”)
Touchstone Small Company Fund
Supplement dated October 28,
2026
to the Trust’s Prospectus,
Summary Prospectus
and Statement of
Additional Information each dated
April 30, 2026
as may be amended or supplemented from time to
time
Notice of
Change in Portfolio Management Team
Mark
Militello joined the portfolio management team of the Touchstone Small Company Fund (the “Fund”), which is sub-advised by Fort Washington Investment Advisors,
Inc. Jason Ronovech continues to serve as portfolio manager to the Fund.
Prospectus & Summary Prospectus
Accordingly, in the section entitled “The Fund’s Management” in the Fund’s Summary Prospectus and in the fund summary section of the Fund’s Prospectus, the following information is added to the table, which identifies the Fund’s portfolio managers:
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Investment Experience with
the Fund |
Primary Title with
Sub-Adviser |
Fort Washington Investment Advisors, Inc. |
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Vice President & Co-Portfolio Manager |
In the section of the Prospectus entitled “The Fund’s Management”, under the sub-heading “Sub-Advisers and Portfolio Managers,” the
following information is added under the Fund:
Mark Militello, CFA is Vice President and Co-Portfolio Manager of the
Small Company Fund and rejoined Fort Washington in 2026 after spending four years at Thrivent Asset Management, where he served as senior portfolio manager
on the SMID Growth Equity team. Previously, Militello joined Fort Washington in 2017 as part of the acquisition of Sentinel Group Funds by Fort Washington
affiliate Touchstone Investments. He served as vice president and senior equity research manager for Sentinel from 2015 to 2017 and subsequently held the same role at Fort Washington from 2017 to 2022. Earlier in his career, Militello served as senior research analyst, portfolio manager, and director of research at Weatherbie Capital, LLC. He was a co-lead portfolio manager for the Weatherbie Long/Short Fund and co-portfolio manager of the Weatherbie Specialized Growth Institutional Fund. Prior to Weatherbie, Militello was a research analyst at Paradigm Capital Management.
Statement of Additional Information (“SAI”)
In the section of the Fund’s SAI entitled “The Sub-Adviser and Portfolio Managers,” the following information as of
June 30, 2026 is added to the Portfolio Manager/Types of Accounts table for the Fund to reflect the addition of Mr. Militello:
Portfolio
Manager/Types of
Accounts |
Total Number of
Other Accounts
Managed |
|
Number of Other
Accounts Managed
subject to a
Performance Based
Advisory Fee |
Total Other Assets
Managed subject to a
Performance Based
Advisory Fee (million) |
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Registered Investment Companies |
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Other Pooled Investment Vehicles |
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The following table indicates the dollar range of the Fund beneficially owned by the Fund’s portfolio manager as of December 31, 2025:
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Dollar Range of Fund Shared Owned |
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